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Bitcoin (BTC-USD) and ethereum (ETH-USD) are rallying this week as investors are optimistic about a new regulatory framework and approval for an ether ETF that could boost the industry. Yahoo Finance reporter Jennifer Schonberger has more on the new legislation that could change the crypto sector.
The House is set to vote today for the first time on crypto legislation known as the Financial Innovation and Technology for the 21st Century Act, or FIT21. This act would make the Commodities Futures Trading Commission (CFTC) the leading regulator of digital assets and establish consumer protections.
Republican lawmakers say FIT21 will bring clarity to the crypto industry, while Democrats believe it would effectively deregulate most cryptocurrencies by removing them from the Securities and Exchange Commission's (SEC) purview.
The vote will occur around 5 p.m. ET today and is expected to pass. However, FIT21's future in the Senate remains unclear.
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This post was written by Melanie Riehl